The Australian treasury certainly expected a recession during the global financial crisis. For what may be the only time in it's history, it actually forecast a recession, in the 2009 budget. But instead of shrinking per cent over 2009-10 as forecast, the economy bounced back per cent. At times retail spending accounts for half the change in GDP. Two cash giveaways, the first of $ billion, and the second of $ billion, forced retail spending back up. The Reserve Bank reinforced the bounceback by cutting its cash rates from per cent to 3 per cent.
Despite the fact that the Queen of Australia is not resident in Australia, the Crown and royal institutions remain part of Australian life. The Australian currency , including all coins and the five dollar note, bears an image of the reigning monarch, Queen Elizabeth II . Around 12% of public lands in Australia are referred to as Crown land , including reserves set aside for environmental conservation as well as vacant land. [ citation needed ] There are many geographic places that have been named in honour of a reigning monarch, including the states of Queensland and Victoria , named after Queen Victoria , with numerous rivers, streets, squares, parks and buildings carrying the names of past or present members of the Royal Family. Through royal patronage there are many organisations in Australia that have been granted a Royal prefix. These organisations, including branches of the Australian Defence Force , often incorporate royal symbols into their imagery.